Angie Radiskovic

This document outlines the strategic priorities and program of the Office of the Superintendent of Financial Institutions (BSIF), focusing on maintaining financial stability and adapting to an evolving risk landscape. Key discussions include the lifting of capital restrictions for Canadian banks post-pandemic, reinforcing responsible capital management, and addressing emerging risks like digitalization and climate change. The program emphasizes strengthening public confidence in the financial system and evolving the supervisory framework to ensure resilience against future uncertainties.

This annual report and superintendent's welcome discusses the organization's strategic plan, which aims to chart a future path by building on past achievements. The plan's vision is 'building OSFI for today and tomorrow, preserving confidence, ever vigilant, always improving.' Key strategic areas include addressing new risks such as cyber security and climate change, and enhancing approaches to emerging risks in long-standing areas like mortgage underwriting. The plan emphasizes a core strategic agenda, criteria for success, and the importance of both actions and methods, ultimately seeking to sustain confidence in Canada's financial system by adapting to an evolving financial landscape.

This report details the Office of the Superintendent of Financial Institutions' (OSFI) progress on its Departmental Sustainable Development Strategy for 2024-2025. The strategy aligns with the Federal Sustainable Development Strategy and the UN 2030 Agenda's Sustainable Development Goals, focusing on three main pillars: advancing reconciliation with Indigenous Peoples and addressing inequality through diversity, equity, and inclusion initiatives; reducing waste and promoting responsible consumption via green procurement practices; and taking action on climate change by ensuring federally regulated financial institutions manage climate-related risks and contribute to Canada's net-zero ambitions.

The strategic plan for OSFI for 2024-2027 aims to support the stability and safety of the financial system by focusing on sound risk management and excelling in core responsibilities of regulating and supervising the financial sector. It emphasizes building a strong foundation with reliable data for informed decisions and early risk identification. Priorities include integrity and security, supervisory renewal, culture, data management and analytics, critical functions, and operational resilience to address current and future financial challenges effectively.